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Porcelli Says Oil Prices Could Wipe Out Some of U.S. Stimulus

Jan. 31 (Bloomberg) -- Higher petroleum prices stemming from the turmoil in Egypt could “completely wipe out,” the benefits of the economic stimulus from lower Social Security taxes, said Tom Porcelli, senior economist at RBC Capital Markets Corp. in New York.

If gasoline prices were to reach $3.75 a gallon, “it would wipe out the $100 billion injected into the system because of the Social Security deduction,” Porcelli said today in a radio interview on “Bloomberg Surveillance” with Tom Keene.

(In the U.S., hear Bloomberg Radio on satellite radio: Sirius Channel 130 and XM Channel 129. In New York City, tune to WBBR 1130 on the AM dial.)

To contact the reporters on this story: Vincent Del Giudice in Washington vdelgiudice@bloomberg.net; Thomas R. Keene in New York tkeene@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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